Iofina on track to reach production targets for second half

Iofina, an AIM-listed specialist in the exploration and production of iodine and iodine chemical derivatives, has made progress towards achieving its target of 250-270 metric tonnes (MT) of crystalline iodine by the second half of 2016.

The group produced 125.1 of crystalline iodine in the third quarter and 380.7 MT year to date from its five IOsorb plants in Oklahoma.

The design improvements completed at three of its plants during the third quarter will provide a more consistent brine input to its plants according to the firm.

The company continues to work closely with its partners to maximize productive output at all of its plants.

The company’s IOflo iodine, which is sold along with Iofina’s portfolio of iodine and specialty halogen derivatives, has also performed well with customers worldwide, according to the board.

President and chief executive Dr. Tom Becker said: "Our five IOsorb® plants continue to produce on a reliable basis in line with Company forecasts. Improvements to brine tie-ins and other measures will help ensure consistency of raw brine for the future."

The share price fell 4.71% to 12.15p at 1216 BST on Thursday.